Bank BJB agrees to a higher dividend

The shareholders of Bank BJB approved the disbursement of a dividend at Rp 61.07 or 0.66 US cents a piece for the 2011 financial year.

This is an increase of 5 percent from the previous year.

“Because our profits are increasing, the dividend has also increased nominally,” Bank BJB president director Bien Subiantoro said in a media statement after the meeting on Monday.

“The dividend will be distributed on May 4.”

The Bandung-based bank recorded a profit of Rp 962.7 billion compared to Rp 890.23 billion in 2010 while business volume was Rp 54.45 trillion against Rp 43.45 trillion in 2010.

The bank still holds a fund of Rp 181 billion to expand its network of branch offices and develop information technology. The fund is a remainder from its public offering at the Indonesian Stock Exchange.

“We are targeting to have an Internet banking service this year,” Biem said.

He added the bank had decided to expand its business aggressively, including adding new branches to collect third party funds.

“We only managed to collect Rp 6 trillion of saving accounts in 2010. This year the target is Rp 10 trillion,” he said in the statement.

Bank BJB’s total third party fund in 2011 was Rp 47.26 trillion, or an increase of 27.49 percent compared to 2010’s fund of Rp 37.07 trillion.

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